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Identity Theft and Fraud Fears Over Online Trading

Posted on: Friday, 19 August 2005, 06:00 CDT

More than eight out of ten consumers are worried about identity theft and fraud when carrying out transactions online.

About 83 per cent of people said they felt threatened by the prospect of falling victim to the two crimes, according to internet security group RSA Security.

But despite these fears people said they were willing to increase the amount of business they did online if their bank and online service provider offered them greater security.

Half of the people questioned also said they would be likely to change provider if another firm offered them a more secure way of proving who they were than simply a user name and password.

New methods of authentication in which people would be interested include biometrics, such as fingerprint or iris recognition technology, or the use of a remote device which displayed a constantly changing number that they had to use as part of their log- on process.

A previous survey carried out by the group found that people's security concerns were so high that nearly a quarter of people had reduced the amount of online shopping they did, while a fifth refused to bank over the internet.

Chris Young, vice-president of consumer authentication services at RSA Security, said: "Consumers clearly want to stay active online but they have effectively thrown down the gauntlet for the banks, brokerages, web email services, auction sites and myriad other businesses to whom they entrust their personal information

Source: Birmingham Post; Birmingham (UK)

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